Major International Business Headlines Brief::: 04 September 2018

Tue Sep 4 11:12:57 CAT 2018

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Major International Business Headlines Brief::: 04 September 2018

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*  White S.African workers protest against Sasol's black share scheme

*  Lonmin's largest shareholder backs takeover by Sibanye-Stillwater

*  Retailer TFG's London business may face hit from House of Fraser collapse

*  Kenya independent petrol dealers strike over new tax

*  Ghana is considering $50 bln century bond to finance infrastructure
development

*  Safaricom faces $4.5 mln fine for failing to connect small firms

*  Nigerian stocks fall to more than one-year low

*  Colin Kaepernick to be face of new Nike ad campaign

*  Ex-UBS trader who lost £1.4bn faces deportation to Ghana

*  China-Africa summit: Xi denies money being spent on vanity projects

*  MPs to probe Carney over extension of Bank of England role

*  Skype U-turns on Snapchat-like features after complaints

 <mailto:info at bulls.co.zw> 

White S.African workers protest against Sasol's black share scheme

JOHANNESBURG (Reuters) - Workers from South Africa’s mainly-white Solidarity
union staged a go-slow protest at the petrochemicals firm Sasol on Monday
over a share scheme offered exclusively to black staff, and said they would
begin a full strike on Thursday.

South African companies are required to meet quotas on black ownership,
employment and procurement as part of a drive to reverse decades of
exclusion under apartheid. Meeting the rules makes a company more likely to
qualify for government tenders.

Solidarity has been waging a challenge against racial quotas in the
workplace, and lodged a complaint against the policy in 2016 with the U.N.
Human Rights Commission.

Sasol, the world leader in technology that converts coal and gas to fuel,
has sold 25 percent of its local operations to qualifying black employees, a
foundation and the black public in a 21 billion rand ($1.5 billion) deal
financed by the company.

It has said the scheme is not a benefit but a mechanism designed to meet the
rules on black economic empowerment, and was backed by shareholders.

But Solidarity said the scheme was discriminatory and that it would file a
complaint to U.S. regulators. Sasol also operates in the United States.

The union said 6,300 of its members would hold a go-slow at Sasol’s
facilities in South Africa, and then strike on Thursday.

“We are not against the scheme, we just want it to be inclusive of all
workers. If the company makes it inclusive, the majority will still be
black, so we see no need to exclude white workers as this is
discrimination,” said Dirk Hermann, Solidarity’s chief executive.

Sasol, which employs around 26,000 people in South Africa, said it was aware
of Solidarity’s intent to strike, and that it had made contingency plans.

SHARES SLIP

Sasol’s shares were 1.4 percent lower at 568.14 rand, with the market
expecting the dispute to be resolved without affecting earnings.

A Sasol spokesman said parts of the flagship Secunda and Sasolberg plants,
which produce fuel and chemicals respectively, were anyway undergoing
scheduled maintenance shutdowns, but that both plants otherwise continued to
operate.

The ruling African National Congress said in a statement that it was
concerned by the “obsession with perpetuating racial polarization” triggered
by Solidarity’s protest.

Solidarity’s Hermann said the union was not promoting racism and had backed
schemes at AngloGold Ashanti and iron ore mining firm Kumba that treated
white and black workers equally.

But it was in court challenging an empowerment scheme at the cement firm PPC
that grants each black worker twice as many shares as a white worker.

Herman said Solidarity had also challenged a similar scheme at South
Africa’s biggest mobile operator, Vodacom, but had been hampered by its low
members’ roll at the firm.

The Commission for Conciliation, Mediation and Arbitration, which mediates
in labour disputes, ruled that Solidarity did not have a legal right to
challenge Sasol’s scheme in court, but could push its cause through
industrial action.

“We expect Sasol to come to the negotiating table,” Hermann said. ($1 =
14.7478 rand)

 <mailto:info at bulls.co.zw> 

Lonmin's largest shareholder backs takeover by Sibanye-Stillwater

LONDON (Reuters) - South Africa’s Public Investment Corporation (PIC) said
it will support a takeover of platinum producer Lonmin by precious metals
producer Sibanye-Stillwater.

State-owned PIC is the largest shareholder in struggling Lonmin, holding
29.2 percent and is Sibanye’s second largest shareholder, with an 11.2
percent stake.

Lonmin has been the biggest casualty in South Africa’s platinum mining
industry which is under pressure from rising costs and muted prices.

The deal would make Sibanye the world’s No. 2 platinum producer having
purchased U.S.-based palladium miner Stillwater, all of Aquarius Platinum
and the Rustenburg operations of Anglo American Platinum.

Sibanye said in December it would buy Lonmin in an all-share deal that is
scheduled to close in the second half of the year, although it still
requires approval from both companies’ shareholders and South African
regulators.

“The Public Investment Corporation has expressed support for the deal right
from the outset,” the PIC said in a statement. “We believe that it will
assist in driving consolidation in an ailing sector.”

In June, Britain’s Competition and Markets Authority (CMA) unconditionally
cleared the transaction, saying it would not require a second phase
investigation.

“We would be very pleased if the PIC is supportive, and hope that all
shareholders will recognise the compelling rationale for the proposed
acquisition,” Sibanye spokesman James Wellsted said, adding that the company
had not yet sought support from its shareholders.

Lonmin was not immediately available for comment.

Retailer TFG's London business may face hit from House of Fraser collapse

JOHANNESBURG (Reuters) - South African clothing and homeware retailer The
Foschini Group (TFG) said on Monday its London business would be likely to
incur some bad debt write-offs as a result of the collapse of House of
Fraser.

UK department store group House of Fraser group collapsed into
administration and last month was immediately bought from administrators by
Mike Ashley’s Sports Direct.

“Whilst this consolidation creates further opportunities for TFG London’s
brands, the House of Fraser situation has negatively impacted TFG London’s
trade through the House of Fraser website and their concessions,” TFG said
in a statement.

“In addition, whilst not material to the group, it appears likely that TFG
London will incur some degree of bad debt write-off as a result of House of
Fraser entering administration.”

TFG’s clothing brands in Britain include Phase Eight, Whistles and Hobbs.
TFG London contributed 18.7 percent to group turnover in the year to March
2018. TFG London, which operates across continental Europe, is the group’s
second biggest after TFG Africa, which includes South Africa.

In Britain, a string of retailers have gone out of business or announced
plans to close shops this year, as they struggle with subdued consumer
spending, rising labour costs and higher business property taxes as well as
growing online competition.

But TFG has continued to deliver a stronger performance against the broader
UK retail market, thanks to its multi-brand strategy.

Group turnover grew by 32 percent for the first 20 weeks of the 2019
financial year, it said.

Kenya independent petrol dealers strike over new tax

NAIROBI (Reuters) - Kenya’s independent petroleum suppliers began an
indefinite strike on Monday, demanding the government reverse a widely
unpopular 16 percent value added tax on all petroleum products.

Petrol prices at the pump rose by about 12 percent, angering many Kenyans
who complain of high living costs, after the tax was imposed unexpectedly on
Saturday.

“This is in solidarity with all the other Kenyans against the government’s
decision. The strike is indefinite until the decision is reversed,” Joseph
Karanja, chairman of the Kenya Independent Petroleum Dealers Association,
told Reuters.

He said members of the association control 55 percent of the retail market,
while the rest is served by established marketers like Shell Vivo,
KenolKobil and the local unit of Total.

Parliament amended the law last week to postpone VAT on fuel for two years,
but the amendment is yet to be signed into law by President Uhuru Kenyatta,
who is attending a meeting in China.

Ghana is considering $50 bln century bond to finance infrastructure
development

ACCRA (Reuters) - Ghana is considering a century bond worth $50 billion as
part of the West African nation’s plan to secure long-term funding to build
critical infrastructure for industrial development, its leader said.

“The Ministry of Finance and economists in Ghana are looking at floating a
$50 billion century bond. This will provide us with the resources to finance
our infrastructural and industrial development,” President Nana Akufo-Addo
said during a meeting with Chinese President Xi Jinping in Beijing.

Safaricom faces $4.5 mln fine for failing to connect small firms

NAIROBI (Reuters) - Kenya’s biggest telecoms operator Safaricom faces a fine
of around $4.5 million for failing to connect calls made to smaller firms,
according to company and regulatory documents reviewed by Reuters.

The Communications Authority of Kenya (CA) has imposed a fine on Safaricom,
part-owned by South Africa’s Vodacom and Britain’s Vodafone, of 0.2 percent
of its gross revenue for the last financial year, equivalent to 449 million
shillings ($4.5 million), the documents show.

Safaricom denies the accusation and has secured a temporary suspension of
the fine pending a hearing before an industry tribunal, according to the
documents.

If upheld by the tribunal, the fine would be the largest ever imposed by
Kenya’s telecoms regulator.

The fine marks an escalation of a row between the firm and the regulator
over competition in the sector. The two parties have been tussling over a
report on the industry, which among other things calls for price controls on
Safaricom to help smaller operators.

“The CA is trying to stamp its authority,” said Eric Musau, a research
analyst at Standard Investment Bank.

“If this is the trend and there are other violations, it tells you the CA
will be able to take tough decisions.”

The regulator said in a letter to Safaricom, reviewed by Reuters, that it
had received complaints from a rival, Elige Communications Ltd, that
Safaricom was blocking calls to its network.

The regulator also said Safaricom, which controls 67 percent of mobile phone
subscribers in Kenya, had failed to follow the regulator’s directions as it
tried to resolve the complaint.

“The Authority considers this an act of blatant disregard of not only other
licensees’ rights but also the Authority’s directives and in contravention
of license conditions,” the CA said in the letter, dated Aug 1.

In a letter of reply by Safaricom two days later, also reviewed by Reuters,
the company said it had complied with all directives from the regulator, and
accused Elige of flouting its licence conditions by carrying international
traffic instead of local calls.

“It is illegal to allow such international voice traffic to be terminated by
a locally licensed operator into another network through the local
interconnection link,” Safaricom wrote.

Elige Communications was not immediately available to comment on Monday.

Safaricom’s shares dropped 1.8 percent to 27.75 shillings after news of the
fine.

($1 = 100.5500 Kenyan shillings)

Nigerian stocks fall to more than one-year low

LAGOS (Reuters) - Nigerian stocks tumbled 2.75 percent in early trade on
Monday to their lowest level in more than a year, dragged down by its
biggest listed company, Dangote Cement.

The main share index fell to 33,894 points by 1007 GMT. Dangote Cement,
which is majority owned by Aliko Dangote and accounts for more than a third
of total market capitalisation, fell more than 7 percent.

Colin Kaepernick to be face of new Nike ad campaign

An American football star who sparked a furore by kneeling during the
national anthem has been unveiled as the new face of a major advertising
campaign.

Former San Francisco 49ers quarterback Colin Kaepernick will front Nike's
"Just Do It" 30th anniversary campaign.

In 2016 Kaepernick refused to stand for the anthem in protest at police
violence against African-Americans.

Many other players followed suit but the protest has divided the country.

President Donald Trump has called players who "disrespect" the US flag "sons
of bitches" and called for them to be sacked.

Decoding the NFL protests

Kaepernick: From one man to a movement

What must Americans do during the anthem?

The Nike adverts show Kaepernick with the slogan: "Believe in something.
Even if it means sacrificing everything."

Kaepernick is one of a number of sports stars, including fellow National
Football League (NFL) players Odell Beckham Jr and Shaquem Griffin, to
appear in the 30th anniversary "Just Do It" campaign.

On Monday the star posted the advert and the slogan on his Twitter account.

Some on social media though have been using the #BoycottNike and #JustBurnIt
hashtags, a play on the company's slogan. Country star John Rich posted a
photo of a pair of socks with the Nike emblem cut off.

Kaepernick, 30, signed a sponsorship deal with Nike in 2011 and has been
kept on its payroll throughout the kneeling controversy, ESPN reported.

The player opted out of his contract with the 49ers in 2017 and has not
played since. He is currently suing the NFL claiming he is being kept out of
the league because of his part in the protests.

In May this year, the NFL announced that teams whose players who knelt for
the national anthem would be fined under a new policy.

The league said players not willing to stand for The Star-Spangled Banner
could stay in the changing rooms until it had been performed.

However the new policy is yet to be imposed as negotiations between the
league and the players' union are ongoing.--BBC

Ex-UBS trader who lost £1.4bn faces deportation to Ghana

Kweku Adoboli, a former trader convicted of fraud in 2012, is facing
deportation to Ghana, after being detained by police in Scotland.

He served four years of a seven-year sentence for a £1.4bn fraud at Swiss
bank UBS. He was released in 2015.

Foreign nationals sentenced to more than four years are automatically
considered for deportation.

But in an interview with the BBC last week, Adoboli accused the UK
authorities of racism.

Adoboli is Ghanaian, but has lived in the UK since the age of 12.

'Racism' charge

"The fact that I was born in a different country and have different-coloured
skin became part of the labelling process," he told BBC Scotland's business
editor Douglas Fraser.

"It was no longer, Kweku Adoboli who went to Yorkshire at the age of 12,
became head boy of his school, went to Nottingham University, contributed to
the students' union, became campus brand ambassador for UBS, et cetera, et
cetera, et cetera. It was 'Ghanaian-born rogue trader Adoboli'.

"This ostracisation process? That is racism. The deportation process that
now follows? That is racism."

A Home Office spokesperson told the BBC that while the government does not
comment on specific cases, "all foreign nationals who are given a custodial
sentence will be considered for removal."

"Foreign nationals who abuse our hospitality by committing crimes in the UK
should be in no doubt of our determination to deport them," the spokesperson
added.

"We have removed more than 42,800 foreign offenders since 2010."

'Largest trading loss'

During his trial at Southwark Crown Court in 2012, he had denied the
charges, which related to the period between October 2008 and September
2011.

He had told the jury his senior managers were aware of his actions and
encouraged him to take risks.

But the jury was told he lost the money in "unprotected, unhedged,
incautious and reckless" trades.

The judge, Mr Justice Keith, had told him when he was sentenced: "Whatever
the verdict of the jury, you would forever have been known as the man
responsible for the largest trading loss in British banking history."

UBS rogue trader: 'It could happen again

Ex-UBS trader Kweku Adoboli loses UK deportation appeal

He lost an appeal against deportation in 2016 and had wanted to take a
judicial review to the Supreme Court about the Home Office's request to
deport him.

In Scotland, where he now lives, several Scottish politicians have become
involved in supporting him against the Home Office moves.

They argue that he poses no threat to the country and is helping others
understand the systemic risk still posed by the financial sector.

Adoboli told BBC economics editor Kamal Ahmed in an interview in 2016 that
he was "sorry beyond words... I failed. I made mistakes".

Asked if the crimes he committed - booking fictitious trades to cover up
gambles in the hunt for profits - could happen again, he had told the BBC:
"Absolutely."

Adoboli's spokesperson said he was being held at Scotland's Dungaval
Immigration Removal Centre.

The spokesperson added that the Home Office has indicated its intention to
deport him on or soon after 10 September.

He was detained when attending a monthly check-in at Livingston police
station.--BBC

China-Africa summit: Xi denies money being spent on vanity projects

China does not invest in "vanity projects" in Africa and is helping the
continent build its infrastructure, President Xi Jinping has said.

He pledged an extra $60bn (£42bn) for the continent's development, as he
opened a summit with African leaders in Beijing to boost relations.

China is the single largest bilateral financier of infrastructure in Africa.

But critics warn that African nations have been going into unsustainable
levels of debt with the Asian giant.

Mr Xi admitted there was a need to look at the commercial viability of some
projects and make co-operation more viable.

"China's co-operation with Africa is clearly targeted at the major
bottlenecks to development," he told business leaders ahead of the opening
of the two-day summit.

"Resources for our co-operation are not to be spent on any vanity projects
but in places where they count the most."

South Africa's President Cyril Ramaphosa welcomed China's growing
involvement on the continent, saying he did not agree that a "new
colonialism is taking hold in Africa as our detractors would have us
believe".

All African nations are represented at the summit, except for the tiny
kingdom of eSwatini, formerly known as Swaziland.

It is the only African state to maintain diplomatic ties with Taiwan.

China's government does not allow countries to have official ties with both
itself and Taiwan, which Beijing considers its own territory.

'No political strings attached'

Addressing leaders in Beijing's Great Hall of the People, Mr Xi said the
$60bn would be made up of both aid and loans.

It would be spent on eight initiatives over the next three years, including
building more infrastructure and giving scholarships to young Africans, he
said.

"China's investment in Africa comes with no political strings attached," Mr
Xi added.

The $60bn pledge is over and above the $60bn China offered to Africa at a
similar summit in 2015 in South Africa's main city, Johannesburg.

Debt from China's interest-free loans, due by the end of 2018, would be
written off for some poor African states, Mr Xi said.

China would also set up a peace and security fund and would continue to
provide free military assistance to the African Union, he added.

China lent around $125bn to Africa between 2000 and 2016, according to data
compiled by the China-Africa Research Initiative at Washington's Johns
Hopkins University School of Advanced International Studies.

It has spent heavily on roads, railways, ports and other major
infrastructure projects.

This includes a $3.2bn railway line between Kenya's capital, Nairobi, and
the port city of Mombasa.

It is supposed to eventually connect landlocked South Sudan, eastern
Democratic Republic of Congo, Rwanda, Burundi and Ethiopia to the Indian
Ocean.

But the project has been marred by corruption allegations, and claims by
economists that the cost was too high.

It ran up a loss of about $100m in its first year of operation, official
figures show.--BBC

MPs to probe Carney over extension of Bank of England role

The governor of the Bank of England will be quizzed over his future when he
appears before a parliamentary committee on Tuesday.

Mark Carney is reportedly in talks with the Treasury about extending his
term at the helm of the central bank.

But a spokesman for the prime minister said the governor was still due to
depart in June next year.

Mr Carney has faced frequent criticism from pro-Brexit MPs, who accuse him
of issuing politically-charged statements.

Last month, he was labelled the "high priest of Project Fear" by the leading
Conservative Brexiteer Jacob Rees-Mogg.

His comments came after Mr Carney warned that the prospect of a no-deal
Brexit was "uncomfortably high".

He told the BBC's Today programme that such an outcome was "highly
undesirable".

Mr Carney took over from Mervyn King in 2013 - the first non-Briton to be
appointed in the Bank of England's 300-year history.

He previously announced that he would step down on 30 June 2019 - two years
short of the usual eight-year term that governors tend to serve.

But speculation has mounted in recent days that the government would like
him to remain in post for longer.

It is thought the Treasury would like to allow more time to recruit his
successor, amid concern that few candidates would want to take on the role
during an unpredictable stage of the Brexit process.

Calls for resignation

Mr Carney divides opinion, receiving both praise and criticism.

He is credited with deftly handling the UK economy as it emerged from the
upheaval of the 2008 global financial crisis.

But pro-Brexit campaigners accuse him of "crying wolf" before the 2016
referendum, when he predicted voting to leave the EU could trigger a
recession.

Some, like former UKIP leader Nigel Farage, have called on him to resign.

Mr Carney has also faced criticism of his so-called use of "forward
guidance".

Under his leadership, the Bank had originally said it would not consider
raising interest rates until the unemployment rate fell to 7% or below.

But when that seemed likely to happen much sooner than anticipated, the Bank
altered its stance, saying it would focus on a range of economic variables
instead.

Interest rates have now risen twice - to 0.75% - since he took over.--BBC

Skype U-turns on Snapchat-like features after complaints

Microsoft has announced it will remove a number of Snapchat-style features
from its Skype messenger service.

The software giant updated Skype in June 2017 but faced criticism from users
who said it was "stupid" and the "worst ever update".

Microsoft said it accepted that the new features "got in the way" of the
app's core uses: messaging and making phone calls

Many of the updates simply "didn't resonate" with most users, it said.

It will reduce the navigation options from five to three by removing the
highlights and camera buttons.

When it announced the June 2017 updates, Microsoft told the BBC: "We know
this was a big change and we welcome feedback along the way.

"We're confident that as we continue to listen to users and provide updates
to the app... we'll be able to keep improving the experience."

And now, Skype design director Peter Skillman has written in a blog: "This
past year we explored some design changes and heard from customers that we
overcomplicated some of our core scenarios."

Released in 2003, Skype was bought by Microsoft in 2011.

But now, Facebook's Messenger, Instagram and WhatsApp as well as Telegram
and Snapchat all provide similar features, with many copying ideas from one
another.

Most noticeably, Messenger and Instagram incorporate the "stories" features
from Snapchat.--BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

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